Singtel net profit hits two-decade low

Singtel reported a net profit of $554m for 2021.

Telecommunications giant Singtel reported a net profit of $544m for the full year ending in 31 March 2021.

This is a 49% decline from the $1.07b reported in 2020, and is its lowest recorded net profit since 1988.

"This year’s results are disappointing given unprecedented headwinds from COVID-19 and ongoing structural challenges. The one-time exceptional charge also weighed on our bottom-line number," said Singtel CEO Yuen Kuan Moon in a statement.

It cited its net exceptional charges of $1.18b for the full year as one of the factors that pulled down its net profit. This included non-cash impairment charges for investments in Amobee and Trustwave.

Due to the resurgence of COVID-19 and stricter movement restrictions, Singtel said 2022 would remain a challenging year for the telecoms sector.

Singtel plans to continue to expand its 5G coverage in Singapore and Australia.

The firm plans to focus on 5G leadership, developing new growth engines in information communications and digital services, and unlocking the value of its infrastructure assets.